Cash-less Policy: CBN Tasked on Regular Assessment

Bank Directors Association of Nigeria (BDAN) has advised the Central Bank of Nigeria (CBN) to always carry out regular assessment and review of the new cash policy in order to ensure the success of the policy.

A statement from the bank directors yesterday, stressed that such a move would be critical to the successful implementation of the policy.

BDAN is the umbrella body of non-executive directors of banks established to provide a forum for improving the knowledge and the competence of Bank Directors.

It said: “The cash-less policy is a laudable initiative with a lot of benefits to members of the banking public and the banking industry, and we are fully in support of the policy. We are however are of the opinion that in addition to all the preparation for the successful implementation of the policy, it would be necessary to do regular assessment and review at short intervals.

“This would enable the CBN, banks and other stakeholders to quickly identify and address issues that arise during the implementation. This would bring a lot of flexibility in the implementation as well as ensure improvement on an on-going basis,” it added.

The association pointed out that such periodic assessment could be assigned to a group comprising banks, electronic payment service providers, merchants and consumer groups, while access for public complaints by members of the public would be provided.

“We also note and commend the various publicity campaigns by the banks and the CBN to enlighten and educate the public about the policy. It is our opinion that these efforts can be well improved upon to facilitate understanding and acceptability of the policy.

“For example, the publicity messages should be more detailed in terms of specific aspects of the policy instead of just telling the public to shift from cash to electronic payment. Also the popular television and radio programmes such as football matches, among other, should be used in the publicity campaign,” the association further advised.

Please leave your comment below. Your name will appear next to your comment. We'll also keep you updated by email whenever someone else comments on this page. Your comment will appear on this page once it has been approved by a moderator.